The Benefits (and How-to's) of Downsizing to a Smaller Home1 Feb Johnny Devora
The kids have grown up and moved out of the home, and suddenly your 2,000-square foot property seems incredibly empty. If you’re in your 40s or 50s and your kids are out on their own, you may be wondering whether you should stay put or find a new home in which to live. When it’s just you and your spouse, a large property just seems too...well...large! If these thoughts are running through your brain nowadays, consider these reasons to downsize and how to do so.
When you’re ready to maximize your home sale, reach out to the real estate professionals at Devora Realty. Call 512-500-4248 to schedule an appointment!
Downsizing to a smaller home may be a smart choice if you’re ready to cut costs. For example, smaller homes usually have cheaper utility bills than large homes. You’ll enjoy a smaller mortgage as well. Just be sure to make some calculations ahead of house hunting to determine how much you qualify for a mortgage. This means factoring in income, outstanding debts, downpayment, and other important considerations.
If you’d prefer to rent before you buy, the city of Austin is one of the most reasonably priced big cities in the country, and there are many affordable apartments for rent which could be ideal for your downsize. Simply visit rental sites online and filter by parameters such as price, number of bedrooms, and amenities desired.
Of course, with a smaller home, upkeep is less complicated. Fewer expenses enable you to spend money on travel, entertainment, or anything else that strikes your fancy. If you’re feeling more prudent, put the money you save in a bank account or in investments so you can have a nice nest egg when you retire.
Freshome.com reports that when you downsize to a smaller home, you just might decrease your stress levels. If you have a large home, you often try to purchase more furniture and knickknacks than you need just so you can fill up all those spacious rooms. If you decide to live smaller, you will be forced to streamline your possessions. Whittling down to the essentials may also whittle down your debt. Fewer possessions mean less time maintaining those possessions. Ultimately, your stress levels diminish because you’re living a simpler life.
How to Downsize
If you decide to take the plunge and move to a smaller home, there are some things you should do before putting your house up for sale. Simple house improvements can increase the resale value of your home and make for a quicker sale, too.
First of all, pay a home inspector to inspect your house from top to bottom. Home inspectors will check your house for rotting wood, termites, damaged window seals, electrical problems, plumbing issues, and any other hidden defects that can lower the value of your home. Knowing about these issues before you find an interested buyer will enable you to take care of the problems in advance.
Apply a fresh coat of paint to the rooms. It will instantly make your home look brighter. Just make sure you use only neutral-colored paint. Stay away from bold colors that may turn off home buyers.
Boost your home’s curb appeal by keeping the lawn and garden well maintained. Prune the shrubbery, weed the flower bed, and replace the front door if it needs a refresh. If you’re too busy, hire a lawn care or landscaping service to get your yard into shape. The front of the home is the first thing buyers will see. Make a good first impression by making sure the exterior of your home looks its best.
When the kids leave home, a large rambling house may seem too much to keep up. If you’re ready to ditch your big home, downsizing to a smaller property may be just the thing to start a new chapter in your life. You’ll save money, enjoy less stress, and have time to do other things besides constantly cleaning and maintaining a house that’s just too big for you and your spouse. But before you put it up for sale, increase your property's value by sprucing it up. Just a little bit of effort can increase the chance of you receiving the best price for your home.